Import a QBO/QFX/OFX/QIF file into FreeAgent

This tutorial shows how to import a QBO/QFX/OFX file with transactions into Online Accounting system - FreeAgent.

You could get that QBO/QFX/OFX file from your Online Banking or you could create it, using ProperSoft converter. See it as a video at https://youtu.be/X0WYMsl77P0

First, you need to login into FreeAgent. Then click on 'Banking'.

Then we have to click 'Upload a bank statement'.

FreeAgent supports QBO/QFX/OFX, QIF, CSV formats.

Click 'Select a file'. Look for a ".qbo" (or another supported format) file.

Now you have to select which account you want to upload to. In our case, we have 'Business Checking Account'. We can click 'Guess explanations for my bank transactions', but we will use it next time, once we imported one of two statements and categorize some Payees.

Click 'Upload Statement'.

The statement with 4 new and 0 existing transactions was uploaded successfully. Click 'Review your transactions'.

As with any Online accounting system (for example, Quickbooks Online, FreeAgent), you have on your QBO file the Payee names in a certain way, your Bank provides this way or you have this converted from the file. Those Payee names may not match what you have in your accounting system and for sure there are no categories, provided on the OFX file or QBO file because of those transactions from your Bank (Bank doesn't know about your accounting system, how you categorize Home Depot or whatever, that Vendor is). This is your part because only you know what was spent on. The accounting system can help you later to automate this process, but first, you have to categorize the transactions. So, look for this expense transaction. Click on the transaction. FreeAgent calls it "Explain", Quickbooks calls it "Matched". And different accounting systems have different names for this process of categorizing.

Select a 'Category'.

Then change the Type and the 'Description' to something that means in your accounting system and click 'Explain Transaction'.

So, now 'Office Costs' is an explained transaction. Continue for all transactions.

Let's say you realize, that you did many typos or this is the incorrect imported file, so FreeAgent has a good function, as 'Undo Last Upload', click it.

Whatever you imported last time, click 'Delete these transactions'.

So, four bank transactions are deleted. It is very important when you are starting or making some conversions, let's say you are using the converter from one format to another and you realized, that imported something wrong, some fields are not as they should be and then you could do undo easily with this accounting system.